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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 28, 2023
Nov. 30, 2022
Inventories:    
Total assets [1] $ 36,573,154 $ 37,984,295
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 5,503,789 5,417,796
Retained earnings [2] 19,350,060 18,861,417
Treasury stock at cost [2] (468,347) (210,389)
Accumulated other comprehensive income [2] 3,259 2,408
Total stockholders’ equity [2] 24,418,255 24,100,500
Noncontrolling interests [2] 137,032 139,867
Total equity [2] 24,555,287 24,240,367
Total liabilities [2] 12,017,867 13,743,928
Total liabilities and equity [2] 36,573,154 37,984,295
Operating Segments    
ASSETS    
Cash and cash equivalents 4,242,856 4,778,720
Restricted cash 31,301 37,050
Receivables, net 999,966 1,614,277
Inventories:    
Total inventories 22,067,833 21,862,453
Investments in unconsolidated entities 2,129,933 2,137,813
Goodwill 3,632,058 3,632,058
Other assets 1,644,859 1,530,218
Total assets 36,573,154 37,984,295
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 5,221,801 6,199,136
Stockholders' equity:    
Total liabilities 12,017,867 13,743,928
Common Class A    
Stockholders' equity:    
Common stock [2] 25,834 25,608
Common Class B    
Stockholders' equity:    
Common stock [2] 3,660 3,660
Homebuilding    
Inventories:    
Finished homes and construction in progress [1] 11,945,232 11,718,507
Land and land under development [1] 7,459,185 7,382,273
Consolidated inventory not owned [1] 2,223,469 2,331,231
Total inventories [1] 21,627,886 21,432,011
Investments in unconsolidated entities [1] 1,178,802 1,173,164
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,412,654 1,323,478
Total assets [1] 32,302,100 32,684,162
LIABILITIES AND EQUITY    
Accounts payable [2] 1,490,808 1,616,128
Liabilities related to consolidated inventory not owned [2] 1,867,373 1,967,551
Senior notes and other debts payable, net [2] 4,033,335 4,047,294
Other liabilities [2] 2,937,472 3,347,673
Stockholders' equity:    
Total liabilities [2] 10,328,988 10,978,646
Homebuilding | Operating Segments    
ASSETS    
Cash and cash equivalents [1] 4,057,956 4,616,124
Restricted cash [1] 22,504 23,046
Receivables, net [1] 559,939 673,980
Inventories:    
Total inventories 21,627,886 21,432,011
Investments in unconsolidated entities 1,178,802 1,173,164
Goodwill 3,442,359 3,442,359
Other assets 1,412,654 1,323,478
Total assets 32,302,100 32,684,162
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 4,033,335 4,047,294
Stockholders' equity:    
Total liabilities 10,328,988 10,978,646
Financial Services    
Inventories:    
Total assets [1] 2,213,421 3,254,257
Stockholders' equity:    
Total liabilities [2] 1,317,775 2,353,904
Financial Services | Operating Segments    
ASSETS    
Cash and cash equivalents 163,000 139,378
Restricted cash 8,797 14,004
Receivables, net 329,331 826,163
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 0 0
Goodwill 189,699 189,699
Other assets 101,947 119,815
Total assets 2,213,421 3,254,257
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 1,171,638 2,135,093
Stockholders' equity:    
Total liabilities 1,317,775 2,353,904
Multifamily    
Inventories:    
Total assets [1] 1,266,777 1,257,337
Stockholders' equity:    
Total liabilities [2] 283,380 313,484
Multifamily | Operating Segments    
ASSETS    
Cash and cash equivalents 15,075 17,827
Restricted cash 0 0
Receivables, net 110,696 114,134
Inventories:    
Total inventories 439,947 430,442
Investments in unconsolidated entities 635,499 648,126
Goodwill 0 0
Other assets 65,560 46,808
Total assets 1,266,777 1,257,337
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 16,828 16,749
Stockholders' equity:    
Total liabilities 283,380 313,484
Lennar Other    
Inventories:    
Total assets [1] 790,856 788,539
Stockholders' equity:    
Total liabilities [2] 87,724 97,894
Lennar Other | Operating Segments    
ASSETS    
Cash and cash equivalents 6,825 5,391
Restricted cash 0 0
Receivables, net 0 0
Inventories:    
Total inventories 0 0
Investments in unconsolidated entities 315,632 316,523
Goodwill 0 0
Other assets 64,698 40,117
Total assets 790,856 788,539
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 0 0
Stockholders' equity:    
Total liabilities $ 87,724 $ 97,894
[1] Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations ("ASC 810"), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of February 28, 2023, total assets include $1.4 billion related to consolidated VIEs of which $31.1 million is included in Homebuilding cash and cash equivalents, $0.7 million in Homebuilding receivables, net, $59.0 million in Homebuilding finished homes and construction in progress, $742.4 million in Homebuilding land and land under development, $502.0 million in Homebuilding consolidated inventory not owned, $0.7 million in Homebuilding investments in unconsolidated entities, $21.1 million in Homebuilding other assets, $31.0 million in Multifamily assets and $6.8 million in Lennar Other assets.
As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and $9.0 million in Lennar Other assets.
[2] As of February 28, 2023, total liabilities include $580.0 million related to consolidated VIEs as to which there was no recourse against the Company, of which $64.4 million is included in Homebuilding accounts payable, $477.6 million in Homebuilding liabilities related to consolidated inventory not owned, $30.1 million in Homebuilding senior notes and other debts payable, $2.1 million in Homebuilding other liabilities, $3.7 million in Multifamily liabilities and $2.1 million in Lennar Other liabilities.As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debt payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 million in Lennar Other liabilities.